A sprawling project that could be called the largest redevelopment effort in Hoboken since the 1990s could take a step forward this week as a former factory on the outskirts of the city is hoping to be converted into a modern mixed-use complex.
The transformative development would rise at 1200 Madison Street, a 3.5-acre parcel owned by Pegasus Properties. A decidedly smaller proposal from the company moved forward in 2020, and the cause for major changes that have now emerged have played out over the last few years.
Pegasus is the same company behind a 357-unit development at 1300 Jefferson Street that recently began construction work. However, getting to that milestone took some time as the company had initially filed a lawsuit claiming that Hoboken and Union City were conspiring to block that project.
A political war of words over blocked views and broken promises ensued, but a settlement agreement ended up being negotiated by Hoboken Mayor Ravi Bhalla. It was quietly approved by the City Council and the court last year and as a result, Pegasus was granted significantly greater density for their 1200 Madison Street project.
Per the agreement, the company won increased residential density and decreased commercial floor-area requirements for 1200 Madison Street under the deal. As a result, the development now envisions the project totaling three phases and including 1,301 residential units.
Designed by New York-based architecture firm Skidmore, Owings & Merrill, the development would feature a tiered design while rising 21 stories and 230 feet above the Designated Flood Plain at the tallest points.
Perhaps the most notable feature of the design is a portion of the building that would connect over a future 13th Street western extension. The development would additionally feature a whopping 51,860 square feet of retail on the ground floor, much of which would face the recently opened Northwest Resiliency Park.
The 1,301 residential units would span from studios to three bedrooms, and 135 affordable housing units would be created under the plan. The largest phase of the project, including 535 residences, would be built first, while the second and third phases would consist of 365 units and 401 units, respectively.
The outdoor space for future residents is massive throughout the project, as the complex would utilize the tiered design of the building for both indoor and outdoor rooftop spaces. 832 indoor parking spaces in a garage are also included in the plan.
The property’s development would create just under 38,000 square feet of public space plus a new bike lane behind the complex slated to run parallel to the trackage for the Hudson Bergen Light Rail.
The proposed development sits in a flood zone, and there are several design components that address that reality. Portions of the building include engineered flood vents, and a plan for deployable flood barriers is included in the project’s paperwork submitted to the city.
The proposed development meets all the requirements under the settlement agreement and the regulations included in the Western Edge Redevelopment Plan that governs the area when adding in “bonus” incentives. Pegasus Partners would make a Community Benefit Payment of $3 million to the city as part of the deal.
Hoboken’s City Council is slated to potentially vote on a resolution authorizing the execution of an amended and restated redevelopment agreement for the 1200 Madison Street project during their September 17 meeting. The development would still need approval from the city’s planning board and others before moving forward.
The project could also open up a new front in the zoning war Union City is having with Hoboken. Per The Jersey Journal, Union City filed a lawsuit over the initial settlement agreement for 1200 Madison Street last year and has repeatedly filed other litigation seeking to block various new developments along Hoboken’s western edge.
